magnolia west community development district...2020/05/12 · the regular meeting of the board of...

Magnolia West Community Development District

Board of Supervisors’ Meeting May 12, 2020

District Office: 2806 N. Fifth Street

Unit 403 St. Augustine, FL 32084

www.magnoliawestcdd.org

http://www.magnoliawestcdd.org/

MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT

Rizzetta & Company, Inc., 2806 North Fifth Street, Unit 403, St Augustine, FL 32084

Board of Supervisors Robert Porter Board Supervisor, Chairman Judith Linde Board Supervisor, Vice Chairman Fermin Lewis Board Supervisor, Asst. Secretary James Teagle Board Supervisor, Asst. Secretary Jan Doan Board Supervisor, Asst. Secretary

District Manager Lesley Gallagher Rizzetta & Company, Inc.

District Counsel Katie Buchanan Hopping Green & Sams, P.A.

District Engineer Ryan Stilwell Prosser

All cellular phones must be placed on mute while in the meeting room.

The first section of the meeting is called Public Comments, which is the portion of the agenda where individuals may make comments. Individuals are limited to a total of three (3) minutes to make comments during this time.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (904) 436-6270. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) 1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE • 2806 N. FIFTH STREET • UNIT 403 • ST AUGUSTINE, FL 32084 • 904-436-6270

www.magnoliawestcdd.org

May 5, 2020 Board of Supervisors Magnolia West Community Development District

AGENDA Dear Board Members:

The regular meeting of the Board of Supervisors of the Magnolia West Community Development District will be held on May 12, 2020 at 3:30 p.m. via teleconference at 1-929-205-6099 Meeting ID 680 626 4765, pursuant to Executive Orders 20-52 and 20-69 issued by Governor DeSantis on March 9, 2020, and March 20, 2020, April 29, 2020, respectively, and pursuant to Section 120.54(5)(b)2., Florida Statutes. Following is the agenda for the meeting.

1. CALL TO ORDER/ROLL CALL2. PUBLIC COMMENTS3. BUSINESS ADMINISTRATION

A. Consideration of the Minutes of the Board of Supervisors’ Regular Meetingheld on February 11, 2020...........................................................................Tab 1

B. Ratification of the Operation and Maintenance Expenditures forJanuary 2020, February 2020, March 2020.................................................Tab 2

C. Ratification of Acceptance of Annual Audit Report, Fiscal Year EndingSeptember 30, 2019.....................................................................................Tab 3

D. Consideration of Resolution 2020-05, Re-Designating Secretary................Tab 4 E. Consideration of Resolution 2020-06, Amending Bank Signatories.............Tab 5

4. STAFF REPORTSA. District CounselB. District Engineer

1.) Acceptance of the 2020 Annual Engineer Report....................................Tab 6 C. Amenity Manager Report

1.) Amenity Manager Report, First Coast CMS, May 1, 2020.......................Tab 7 D. Landscape Report

1.) BrightView Landscape Report, May 30, 2020..........................................Tab 8 E. District Manager

5. BUSINESS ITEMSA. Consideration of Resolution 2020-07, Adopting Internal Controls Policy.....Tab 9 B. Presentation of Registered Voter Count.....................................................Tab 10 C. Consideration of Proposals for Access Control at Amenity

Restrooms .................................................................................................Tab 11 D. Consideration of Resolution 2020-08, Approving Proposed Budget and

Setting Public Hearing................................................................................Tab 12 E. Discussion Regarding Re-opening of Amenities Due to COVID-19

6. SUPERVISOR REQUESTS7. ADJOURNMENT

I look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to contact me at (904) 436-6270.

Very truly yours, Lesley Gallagher

CALL TO ORDER / ROLL CALL

PUBLIC COMMENTS

BUSINESS ADMINISTRATION

MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT February 11, 2020 Minutes of Meeting

Page 1

MINUTES OF MEETING 1 2 Each person who decides to appeal any decision made by the Board with respect to any 3 matter considered at the meeting is advised that the person may need to ensure that a 4 verbatim record of the proceedings is made, including the testimony and evidence upon which 5 such appeal is to be based. 6 7

MAGNOLIA WEST 8 COMMUNITY DEVELOPMENT DISTRICT 9

10 The regular meeting of the Board of Supervisors of Magnolia West Community 11 Development District was held on Tuesday, February 11, 2020 at 3:30 p.m. at the Magnolia 12 West Amenity Center located at 3490 Canyon Falls Drive Green Cove Springs, and FL. 32043. 13 14 Present and constituting a quorum: 15 16 Judith Linde Board Supervisor, Vice Chairman 17 Ferman Lewis Board Supervisor, Assistant Secretary 18 James Teagle Board Supervisor, Assistant Secretary 19 20 Also present were: 21 22 Lesley Gallagher District Manager, Rizzetta & Company, Inc. 23 Melissa Dobbins Regional District Manager, Rizzetta & Company, Inc. 24 Katie Buchanan District Counsel, Hopping Green & Sams 25 (via speakerphone) 26 Ryan Stilwell District Engineer, First Coast CMS (via speakerphone) 27 Tony Shiver President, First Coast CMS 28 29 Audience present 30 31 32 FIRST ORDER OF BUSINESS Call to Order 33 34 Ms. Gallagher opened the Board of Supervisors Meeting at 3:35 p.m. and read the roll call. 35 36 SECOND ORDER OF BUSINESS Audience Comments on Agenda Items 37 38 No audience comments on agenda items. 39 40 41 42 43 44 45 46 47


Page 2 THIRD ORDER OF BUSINESS Consideration of the Minutes of the Board of 48

Supervisors’ Regular Meeting held 49 November 12, 2019 50

51

On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board approved the Minutes of the Board of Supervisors’ Regular Meeting held November 12, 2019 for Magnolia West Community Development District.

52 FOURTH ORDER OF BUSINESS Ratification of the Operation and 53

Maintenance Expenditures for October 54 2019, November 2019 and December 2019 55

56

On a motion by Ms. Linde, seconded by Mr. Teagle, with all in favor, the Board ratified Operation and Maintenance Expenditures for October 2019 in the amount of $35,943.64, November 2019 in the amount of $16,172.57 and December 2019 in the amount of $16,125.03 for Magnolia West Community Development District.

57 FIFTH ORDER OF BUSINESS Staff Reports 58 59

A. District Counsel 60 Ms. Buchanan had no specific report but was available to answer questions. 61

62 B. District Engineer 63

1.) Consideration of Annual Engineer Report Proposal 64 65

On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board approved the proposal from Prosser for the amount of $1,500.00 for Magnolia West Community Development District.

66 C. Amenity Manager Report 67

1.) Amenity Manager Report First Coast CMS, January 2020 68 i.) Discussion Regarding Amenity Suspension 69 ii.) Discussion Regarding Security 70

71 Mr. Shiver reviewed his report found under tab 4 of the agenda. He then 72 reviewed a proposal (Exhibit A) from American Electrical Contracting, Inc to 73 convert the parking lot lights to LED. Discussions ensued involving the overall 74 cost savings if converted. The Board approved the LED conversion of the parking 75 lot and lights and requested Mr. Shiver obtain additional proposals. 76 77

On a motion by Ms. Linde, seconded by Mr. Lewis, with all in favor, the Board approved a not to exceed amount of $4,800.00 for the parking lot LED conversion and requested staff obtain additional proposals for Magnolia West Community Development District.


Page 3

Mr. Shiver then presented two proposals from Bella Tile Company and Pro-tile & 78 Marble, Inc. (Exhibit B) for the repairs or replacement of the shower walls. 79 Discussion ensued regarding the amount of use the showers get. 80 The Board then moved to agenda item 5F regarding the interior painting of the 81 amenity facility and painting of the activity water feature and reviewed a proposal 82 from 1st Coast Painting (Exhibit C). 83

84

On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board approved proposal from Bella Tile in the amount of $4,200.00, which included tile, for Magnolia West Community Development District.

85

On a motion by Ms. Linde, seconded by Mr. Teagle, with all in favor, the Board approved proposal from 1st Coast Painting for water activity feature in the amount of $3,300.00 for Magnolia West Community Development District.

86 Mr. Shiver then updated the Board that there were three officers from Green 87 Cover Springs Police Department in attendance and available to answer 88 questions from the Board and audience later in the meeting. 89 90

D. Landscape Report 91 1.) BrightView Landscape Report, February 3, 2020 92 Brightview was not in attendance. There were no landscaping comments or 93 questions. 94

95 E. District Manager 96

Ms. Gallagher updated the Board that the ADA Compliant website was up and 97 running. She also noted that Egis Insurance had preformed a site inspection and 98 that she and Mr. Shiver were working on items recommended in their report. She 99 also noted that she had worked with Clay County as requested to have trees 100 trimmed along county road 315 at Medinah. 101

102 SIXTH ORDER OF BUSINESS Presentation of Reserve Study Report 103 104 This item was tabled as Mr. Sheppard was not in attendance. Ms. Gallagher encouraged the 105 Board to forward any questions that they may have to her office and Mr. Sheppard would attend 106 the next meeting if needed. 107 108 SEVENTH ORDER OF BUSINESS Consideration of Nondisclosure Agreement 109

with Clay County Property Appraiser 110 111 On a motion by Ms. Linde, seconded by Mr. Lewis, with all in favor, the Board approved the Nondisclosure Agreement with Clay County Property Appraiser for Magnolia West Community Development District.

112 113


Page 4 EIGHTH ORDER OF BUSINESS Public Hearing Adopting Amended Rules of 114

Procedure 115 116

1.) Consideration of Resolution 2020-03, Adopting Amended Rules of Procedure 117 118

On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board opened the Public Hearing Adopting Amended Rules of Procedure for Magnolia West Community Development District.

119 Ms. Buchanan reviewed Resolution 2020-03 and that the changes were prompted by Legislative 120 changes. There were no public comments. 121

122

On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board closed the Public Hearing Adopting Amended Rules of Procedure for Magnolia West Community Development District.

123 On a motion by Ms. Linde, seconded by Mr. Lewis, with all in favor, the Board adopted Resolution 2020-03 and the Amended Rules of Procedure for Magnolia West Community Development District.

124 NINETH ORDER OF BUSINESS Consideration Resolution 2020-04, 125

Conducting the General Election 126 127 On a motion by Ms. Linde, seconded by Mr. Teagle, with all in favor, the Board adopted Resolution 2020-04 directing Clay County Supervisor of Elections office to conduct the General Election for seats 4 & 5 for Magnolia West Community Development District.

128 TENTH ORDER OF BUSINESS Consideration of Gutter Improvement and 129

Repair Proposal 130 131 Mr. Shiver reviewed a proposal from Rain Solutions for gutter improvements and repairs. 132 133 On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board approved Rain Solutions proposal in the amount of $1,038.00 for Magnolia West Community Development District.

134 ELEVENTH ORDER OF BUSINESS Supervisor Requests and Audience 135

Comments 136 137 Ms. Linde requested that Cross Creek North CDD be charged for use of the amenity facility for 138 their CDD meetings. 139 140 An audience member had questions regarding the painting of the water activity feature and pond 141 maintenance. 142


Page 5 143 An audience member had questions regarding the completion of sidewalks along private 144 property. Mr. Lewis noted that he was working with DR Horton on this. 145 146 Officers from the Green Cove Springs police department introduced themselves and explained 147 the trespass process that they follow per Florida Statute. Discussions ensued and they took 148 questions from the audience. They acknowledged that working with an CDD is a learning curve 149 and would follow up further on their end with their attorney and have them make contact with 150 District Counsel to determine a path going forward. 151 152 An audience member requested motion lights be installed at the amenity facility. 153 154 On a motion by Ms. Linde, seconded by Mr. Teagle, with all in favor, the Board approved suspending amenity privileges if damages is done at the facility for those responsible until the repairs to damages have been paid in full for Magnolia West Community Development District.

155 On a motion by Ms. Linde, seconded by Mr. Teagle, with all in favor, the Board authorized access to the facility be provided to Officers of the Green Cove Springs Police Department for Magnolia West Community Development District.

156 TWELFTH ORDER OF BUSINESS Adjournment 157 158 On a motion by Mr. Teagle, seconded by Mr. Lewis, with all in favor, the Board of Supervisors adjourned the meeting at 4:56 p.m. for the Magnolia West Community Development District.

159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178


Page 6 179 180 181 182 183 184 185 186 187 188 189 190 191 Secretary/Assistant Secretary Chairman/Vice Chairman 192

Exhibit A

Exhibit B

Exhibit C

Operation and Maintenance ExpendituresJanuary 2020

Presented For Board Approval

Approval of Expenditures:

__________________________________

______Chairperson

______Vice Chairperson

______Assistant Secretary

Attached please find the check register listing the Operation and Maintenanceexpenditures paid from January 1, 2020 through January 31, 2020. This does notinclude expenditures previously approved by the Board.

The total items being presented: $86,548.44


DISTRICT OFFICE · 2806 N. FIFTH STREET · UNIT 403 · ST. AUGUSTINE, FLORIDA 32084

Magnolia West Community Development DistrictPaid Operation & Maintenance Expenditures

January 1, 2020 Through January 31, 2020

Vendor Name Check Number Invoice Number Invoice Description Invoice Amount

Bob's Backflow & Plumbing 001635 64302 Backflow Testing & Certification 01/20 $ 40.00 Services, Inc.Bold City Carpet Care, Inc. 001636 8969 Carpet Cleaning 01/20 $ 340.00

Brightview Landscape 001614 6600764 Irrigation Reparis 11/19 $ 1,715.50 Services, Inc.Brightview Landscape 001614 6600765 Irrigation Reparis 11/19 $ 1,910.00 Services, Inc.Brightview Landscape 001628 6650363 Monthly Landscape Service 01/20 $ 2,480.00 Services, Inc.Clay County Utility Authority 001623 67417632 01/20 3490 Canyon Falls Amenity 01/20 $ 292.26

Clay County Utility Authority 001624 Cust#00572676 3179 Canyon Falls Drive Irrigation 01/20 $ 34.67 01/20

Clay County Utility Authority 001625 Cust#00572677 3179 Canyon Falls Drive Reclaimed Irrigation $ 36.83 01/20 01/20

Clay Electric Cooperative, 001634 7213663 12/19 3490 Canyon Falls Drive 12/19 $ 554.00 Inc.Clay Electric Cooperative, 001634 9075317 12/19 3179 Canyon Falls Dr Entry Sign 12/19 $ 272.00 Inc.Clay Electric Cooperative, 001634 9075319 12/19 3185 Canyon Falls Dr Sign 12/19 $ 276.00 Inc.Clay Today 001637 307530 01/09/20 Legal Advertising Acct #502236 01/20 $ 148.50




Comcast 001638 8495 74 150 Amenity Cable/Phone/Internet 01/20 $ 271.65 0248350 01/20


Cortney Garces 001616 CG121819 Rental Deposit Refund - C. Garces $ 150.00

Egis Insurance & Risk 001639 10378 Gen Liab/Property/PO Renwal 19/20 $ 138.00 AdvisorsFitness Pro 001640 21624 Qrtly Preventative Maintenance 01/20 $ 150.00

Florida Department of 001629 65-8017548744-9 FL Sales And Use Tax 01/20 $ 13.08 Revenue 01/20Hopping Green & Sams 001627 112072 Monthly Legal Services 11/19 $ 844.00

Parry Pools, Inc 001618 41942 Pool Remodel 50% Deposit $ 61,250.00

Poolsure 001630 131295590485 Water Management Monthly 01/20 $ 630.36

Prosser Inc. 001641 43262 Engineering Services For 12/19 $ 824.08

Republic Services #687 001642 0687-00101451 Amenity Trash Removal 01/20 $ 184.25




Vendor Name

Rizzetta & Company, Inc.

Check Num

001620

ber Invoice Number

INV0000045854

Invoice Description

District Management Fees 01/20 $

Invoice Amount

3,660.00

Rizzetta & Company, Inc. 001631 INV0000046405 Annual Dissemination Agent Fee FY 19/20 $ 5,000.00

Rizzetta Technology 001632 INV0000005394 Website Hosting Services 01/20 $ 100.00 Services, LLCSawyer Gas 001643 3101501444 Amenity Gas Refill 01/20 $ 349.68

The Lake Doctors, Inc 001633 478128 Lake Maintenance w/Addt'l Lake 01/20 $ 597.00

Turner Pest Control, LLC 001621 6279347 Pest Control 12/19 $ 70.00

US Bank 001622 5565045 Trustee Fees $ 3,771.25

Report Total $ 86,548.44

Operation and Maintenance ExpendituresFebruary 2020



__________________________________

______Chairperson



Attached please find the check register listing the Operation and Maintenanceexpenditures paid from February 1, 2020 through February 29, 2020. This does notinclude expenditures previously approved by the Board.





February 1, 2020 Through February 29, 2020


Brightview Landscape 001653 6684857 Monthly Landscape Service 02/20 $ 2,480.00 Services, Inc.Clay County Utility Authority 001654 67417632 02/20 3490 Canyon Falls Amenity 02/20 $ 285.90

Clay County Utility Authority 001655 Cust#00572676 3179 Canyon Falls Drive Irrigation 02/20 $ 33.20 02/20

Clay County Utility Authority 001656 Cust#00572677 3179 Canyon Falls Drive Reclaimed Irrigation $ 37.62 02/20 02/20

Clay Electric Cooperative, 001649 7213663 01/20 3490 Canyon Falls Drive 01/20 $ 680.00 Inc.Clay Electric Cooperative, 001649 9075317 01/20 3179 Canyon Falls Dr Entry Sign 01/20 $ 295.00 Inc.Clay Electric Cooperative, 001649 9075319 01/20 3185 Canyon Falls Dr Sign 01/20 $ 299.00 Inc.Clay Today 001644 308241 01/23/20 Legal Advertising Acct #502236 01/20 $ 95.85

Clay Today 001657 308352 01/20 Legal Advertising Acct #502236 01/22/20 $ 102.60


Community Advisors, LLC 001658 1081 Reserve Study 02/20 $ 3,000.00

Cortney Garces 001651 CG121819 Rental Deposit Refund - C. Garces $ 150.00




Ferman Clifford Lewis II 001661 FL02112020 Board of Supervisors Meeting 02/11/2020 $ 200.00

First Coast CMS, LLC 001659 4826 Amenity Staff, Janitorial, Pool & Maintenance $ 2,201.10 Service 02/20

First Coast CMS, LLC 001659 4863 Reimbursement for Purchases 01/20 $ 487.75

First Coast CMS, LLC 001650 4864 Holiday Party 01/20 $ 777.96

First Coast CMS, LLC 001659 4865 Replacement Fire Extinguishers 01/20 $ 239.47

Heather Semotan 001671 HS02152020 Rental Deposit Refund - H. Semotan $ 150.00

Hopping Green & Sams 001660 112614 Monthly Legal Services 12/19 $ 490.00

Innersync Studio, Ltd dba. 001648 18219 Onboarding of ADA Compliant Webstie 01/20 $ 384.38 Campus SuiteJames E. Teagle 001665 JT02112020 Board of Supervisors Meeting 02/11/2020 $ 200.00

Linikki Jones 001669 LJ02162020 Rental Deposit Refund - L. Jones $ 150.00

Office Dynamics 001662 00030659 Agenda Booklet 02/20 $ 72.18




Vendor Name

Prosser Inc.

Check Num

001664

ber Invoice Number

43104

Invoice Description

Engineering Services For 11/19 $

Invoice Amount

469.70


Rizzetta & Company, Inc. 001645 INV0000046523 District Management Fees 02/20 $ 3,660.00

Rizzetta Technology 001646 INV0000005496 Website Hosting Services 02/20 $ 100.00 Services, LLCThe Lake Doctors, Inc 001666 483755 Lake Maintenance w/Addt'l Lake 02/20 $ 597.00



Web Watchdogs 001647 6002 Extended Warrenty 02/20 $ 250.00


Operation and Maintenance ExpendituresMarch 2020



__________________________________

______Chairperson



Attached please find the check register listing the Operation and Maintenanceexpenditures paid from March 1, 2020 through March 31, 2020. This does notinclude expenditures previously approved by the Board.





March 1, 2020 Through March 31, 2020


1st Coast Painting & More, 001688 6234 Painting in Pool 03/20 $ 3,300.00 Inc.American Electrical 001678 W33866 Replaced Ceiling Fans 02/20 $ 781.28 Contracting, Inc.Brightview Landscape 001679 6725084 Monthly Landscape Service 03/20 $ 2,480.00 Services, Inc.Clay County Utility Authority 001683 Customer#0024772 3490 Canyon Falls Amenity 02/20 $ 298.62

2 03.20Clay County Utility Authority 001681 Cust#00572676 3179 Canyon Falls Drive Irrigation 02/20 $ 33.20

03/20Clay County Utility Authority 001682 Cust#00572677 3179 Canyon Falls Drive Reclaimed Irrigation $ 37.62

03/20 02/20Clay Electric Cooperative, 001674 7213663 02/20 3490 Canyon Falls Drive 02/20 $ 397.47 Inc.Clay Electric Cooperative, 001674 9075317 02/20 3179 Canyon Falls Dr Entry Sign 02/20 $ 247.00 Inc.Clay Electric Cooperative, 001674 9075319 02/20 3185 Canyon Falls Dr Sign 02/20 $ 256.00 Inc.Comcast 001689 8495 74 150 Amenity Cable/Phone/Internet 03/20 $ 271.65

0248350 03/20First Coast CMS, LLC 001690 4891 Amenity Staff, Janitorial, Pool & Maintenance $ 4,054.00

Service 03/20First Coast CMS, LLC 001680 4953 Reimbursement for Purchases 03/20 $ 4,200.00


March 1, 2020 Through March 31, 2020


First Coast CMS, LLC 001680 4968 Reimbursement for Purchases 02/20 $ 393.71

Innersync Studio, Ltd dba. 001673 17813 Website Service ADA Compliance 10/19 $ 384.38 Campus SuiteKrystal Klean 001684 7008054 Pressure Washing 02/20 $ 2,350.00


Prosser Inc. 001685 43612 Engineering Services For 02/20 $ 525.68

Rain Solutions Seamless 001686 1080 Leaf Guard Repairs 03/20 $ 1,038.00 Gutters, LLCRizzetta & Company, Inc. 001676 INV0000047378 District Management Fees 03/20 $ 3,660.00

Rizzetta Technology 001677 INV0000005596 Website Hosting Services 03/20 $ 100.00 Services, LLCThe Lake Doctors, Inc 001691 489508 Lake Maintenance w/Addt'l Lake 03/20 $ 597.00




CITY OF GREEN COVE SPRINGS, FLORIDA FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT CITY OF GREEN COVE SPRINGS, FLORIDA

TABLE OF CONTENTS

Page

INDEPENDENT AUDITOR’S REPORT 1-2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3-6 BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements:

Statement of Net Position 7

Statement of Activities 8

Fund Financial Statements:

Balance Sheet – Governmental Funds 9

Reconciliation of the Balance Sheet – Governmental Funds

to the Statement of Net Position 10

Statement of Revenues, Expenditures and Changes in Fund Balances –

Governmental Funds 11

Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances of Governmental Funds to the Statement of Activities 12

Notes to the Financial Statements 13-20

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures and Changes in Fund Balance –

Budget and Actual – General Fund 21

Notes to Required Supplementary Information 22

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN

AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 23-24

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS

OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)

OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 25

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL

OF THE STATE OF FLORIDA 26-27

951 Yamato Road ▪ Suite 280 Boca Raton, Florida 33431 (561) 994-9299 ▪ (800) 299-4728 Fax (561) 994-5823 www.graucpa.com

INDEPENDENT AUDITOR’S REPORT To the Board of Supervisors Magnolia West Community Development District City of Green Cove Springs, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and each major fund of Magnolia West Community Development District, City of Green Cove Springs, Florida (“District”) as of and for the fiscal year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2019, and the respective changes in financial position, thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

2

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 26, 2020, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

March 26, 2020

3

MANAGEMENT’S DISCUSSION AND ANALYSIS Our discussion and analysis of Magnolia West Community Development District, City of Green Cove Springs, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2019. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements. FINANCIAL HIGHLIGHTS

• The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $4,341,591.

• The change in the District’s total net position in comparison with the prior fiscal year was $1,372,195, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

• At September 30, 2019, the District’s governmental funds reported combined ending fund balance of $498,093, an increase of $20,357 in comparison with the prior fiscal year. A portion of the fund balance is non-spendable for prepaid items and deposits, restricted for debt service and capital projects, assigned to capital reserves, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.

OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by special assessment revenue. The District does not have any business-type activities. The governmental activities of the District include the general government (management), maintenance, and recreational functions. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

4

OVERVIEW OF FINANCIAL STATEMENTS (Continued) Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflow of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains three individual governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund, and capital projects fund, all of which are considered major funds. The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year. A portion of the District’s net position reflects its investment in capital assets (e.g., land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

5

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) Key components of the District’s net position are reflected in the following table:

2019 2018

Current and other assets 513,559$ 479,696$

Capital assets, net 4,395,536 3,099,923

Total assets 4,909,095 3,579,619

Current liabilities 27,504 15,223

Long-term liabilities 540,000 595,000

Total liabilities 567,504 610,223

Net position

Net investment in capital assets 4,123,253 2,847,903

Restricted for debt service 14,236 40,371

Unrestricted 204,102 81,122

Total net position 4,341,591$ 2,969,396$

NET POSITION

SEPTEMBER 30,

The District’s net position increased during the most recent fiscal year. The increase is the result of the receipt of conveyed capital assets. Key elements of the change in net position are reflected in the following table:

2019 2018

Revenues:

Program revenues

Charges for services 360,712$ 335,596$

Operating grants and contributions 1,472 4,149

Capital grants and contributions 1,484,100 787,005

General revenues

Miscellaneous 2,790 1,901

Unrestricted investment earnings 2,068 646

Special items - 2,980,000

Total revenues 1,851,142 4,109,297

Expenses:

General government 84,602 126,846

Maintenance and operations 215,260 136,834

Culture and recreation 149,414 144,609

Interest 29,671 -

Total expenses 478,947 408,289

Change in net position 1,372,195 3,701,008

Net position - beginning 2,969,396 (731,612)

Net position - ending 4,341,591$ 2,969,396$

FOR THE FISCAL YEAR ENDED SEPTEMBER 30,

CHANGES IN NET POSITION

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2019 was $478,947. The costs of the District’s activities were funded by program revenues. The change in revenues reflects the gain on the cancellation of a portion of the Series 2006 Bonds in fiscal year 2018 and the receipt of conveyed capital assets in fiscal year 2019. The majority of the change in expenses results from the decrease in general government expenses due to the dissolution of the SPE in the prior fiscal year and the increase in maintenance and operations costs due to increased maintenance costs around the District and an increase in depreciation expense due to the receipt of conveyed capital assets.

6

GENERAL BUDGETING HIGHLIGHTS An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2019. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At September 30, 2019, the District had $5,974,983 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $1,579,447 has been taken, which resulted in a net book value of $4,395,536. More detailed information about the District’s capital assets is presented in the notes to the financial statements. Capital Debt At September 30, 2019, the District had $540,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes to the financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET The District does not anticipate any major projects or significant changes in its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will increase. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide homeowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Magnolia West Community Development District’s Finance Department at 12750 Citrus Park Lane, Suite 115, Tampa, Florida 33625.

FINANCIAL STATEMENTS

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STATEMENT OF NET POSITION SEPTEMBER 30, 2019

ASSETS

Cash and equivalents 434,120$

Prepaid items 11,835

Deposits 3,005

Restricted assets:

Investments 64,599

Capital assets:

Nondepreciable 348,416

Depreciable, net 4,047,120

Total assets 4,909,095

LIABILITIES

Accounts payable and accrued expenses 15,466

Accrued interest payable 12,038

Non-current liabilities:

Due within one year 20,000

Due in more than one year 520,000

Total liabilities 567,504

NET POSITION

Net investment in capital assets 4,123,253

Restricted for debt service 14,236

Unrestricted 204,102

Total net position 4,341,591$

Governmental

Activities

See notes to the financial statements

. 8


STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

Functions/Programs Expenses

Primary government:

Governmental activities:

General government 84,602$ 84,602$ -$ -$ -$

Maintenance and operations 215,260 226,343 - 1,484,100 1,495,183

Culture and recreation 149,414 - - - (149,414)

Interest on long-term debt 29,671 49,767 1,472 - 21,568

Total governmental activities 478,947 360,712 1,472 1,484,100 1,367,337

General revenues:

Miscellaneous 2,790

Unrestricted investment earnings 2,068

Total general revenues 4,858

Change in net position 1,372,195

Net position - beginning 2,969,396

Net position - ending 4,341,591$

Program Revenues

Governmental

Activities

Charges

for

Services

Operating

Grants and

Contributions

Capital

Grants and

Contributions

Net (Expense)

Revenue and

Changes in Net

Position


9


BALANCE SHEET GOVERNMENTAL FUNDS

SEPTEMBER 30, 2019

General

ASSETS

Cash and equivalents 434,120$ -$ -$ 434,120$

Investments - 62,984 1,615 64,599

Prepaid items 11,835 - - 11,835

Deposits 3,005 - - 3,005

Total assets 448,960$ 62,984$ 1,615$ 513,559$

LIABILITIES AND FUND BALANCES

Liabilities:

Accounts payable and accrued expenses 15,466$ -$ -$ 15,466$

Total liabilities 15,466 - - 15,466

Fund balances:

Nonspendable:

Prepaid items and deposits 14,840 - - 14,840

Restricted for:

Debt service - 62,984 62,984

Capital projects - 1,615 1,615

Assigned to:

Capital reserves 69,715 - - 69,715

Unassigned 348,939 - - 348,939

Total fund balances 433,494 62,984 1,615 498,093

Total liabilities and fund balances 448,960$ 62,984$ 1,615$ 513,559$

Major Funds Total

Governmental

Funds

Debt

Service

Capital

Projects


10


RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION

SEPTEMBER 30, 2019

Total fund balances - governmental funds $ 498,093

Amounts reported for governmental activities in the statement of

net position are different because:

Capital assets used in governmental activities are not

financial resources; therefore, they are not reported as

assets in the governmental funds. The statement of net

position includes those capital assets in the assets of the

government as a whole.

Cost of capital assets 5,974,983

Accumulated depreciation (1,579,447) 4,395,536

Liabilities not due and payable from current available

resources are not reported as liabilities in the governmental

fund statements. All liabilities, both current and long-term,

are reported in the government-wide financial statements.

Accrued interest payable (12,038)

Bonds payable (540,000) (552,038)

Net position of governmental activities $ 4,341,591


11


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –

GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

General

REVENUES

Assessments 310,945$ 49,767$ -$ 360,712$

Miscellaneous income 2,790 - - 2,790

Interest 2,068 1,472 31 3,571

Total revenues 315,803 51,239 31 367,073

EXPENDITURES

Current:

General government 84,602 - - 84,602

Maintenance and operations 86,242 - - 86,242

Culture and recreation 89,976 - - 89,976

Debt service:

Principal - 55,000 - 55,000

Interest - 30,896 - 30,896

Total expenditures 260,820 85,896 - 346,716

Excess (deficiency) of revenues

over (under) expenditures 54,983 (34,657) 31 20,357

OTHER FINANCING SOURCES (USES)

Interfund transfers in / (out) - 31 (31) -

Total other financing sources (uses) - 31 (31) -

Net change in fund balances 54,983 (34,626) - 20,357

Fund balances - beginning 378,511 97,610 1,615 477,736

Fund balances - ending 433,494$ 62,984$ 1,615$ 498,093$

Major Funds

Debt

Service

Capital

Projects

Total

Government

al Funds


12


RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

Net change in fund balances - total governmental funds $ 20,357

Amounts reported for governmental activities in the statement of

activities are different because:

Depreciation of capital assets is not recognized in the

governmental fund financial statements, but is reported as an

expense in the statement of activities. (188,456)

Repayment of long-term liabilities are reported as expenditures in

the governmental fund financial statements, but such repayments

reduce liabilities in the statement of net position and are eliminated

in the statement of activities. 55,000

The statement of activities reports noncash contributions as

revenues, but these revenues are not reported in the governmental

fund financial statements. 1,484,069

Expenses reported in the statement of activities that do not require

the use of current financial resources are not reported as

expenditures in the funds. The details of the differences are as

follows:

Change in accrued interest 1,225

Change in net position of governmental activities $ 1,372,195


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MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT CITY OF GREEN COVE SPRINGS, FLORIDA NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY Magnolia West Community Development District ("District") was created on April 12, 2005, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes, by City of Green Cove Springs Ordinance O-05-2005. The Act provides, among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure. The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2019, a majority of the Board members are affiliated with DR Horton (Major Landowner). The Board has the final responsibility for, among other things: 1. Allocating and levying assessments. 2. Approving budgets. 3. Exercising control over facilities and properties. 4. Controlling the use of funds generated by the District. 5. Approving the hiring and firing of key personnel. 6. Financing improvements. The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Government-Wide and Fund Financial Statements The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Assessments Assessments, including debt service assessments and operations and maintenance assessments, are non-ad valorem assessments imposed on all lands located within the District and benefited by the District’s activities. Operations and maintenance assessments are levied by the District prior to the start of the fiscal year which begins on October 1 and ends on September 30. Operations and maintenance special assessments are imposed upon all benefited lands in the District. Debt service special assessments are imposed upon certain lots and lands as described in each resolution imposing the special assessment for each series of Bonds issued by the District. Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Fund The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on the Bonds. Capital Projects Fund This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, then unrestricted resources as they are needed. Assets, Liabilities and Net Position or Equity Restricted Assets These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) Deposits and Investments The District’s cash on hand and demand deposits are considered to be cash and cash equivalents. The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;

b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;

c) Interest bearing time deposits or savings accounts in qualified public depositories; d) Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured. Any unspent proceeds are required to be held in investments allowed in as specified in the Bond Indenture. The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles. Inventories and Prepaid Items Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. Capital Assets Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the governmental activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:

Assets Years Stormwater facilities 30 Recreational facilities 20 Entrance features 30 Infrastructure - other 15 Buildings 50 Furniture and equipment 5

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) Capital Assets (Continued) In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Unearned Revenue Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred. In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. Fund Equity/Net Position In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change. The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued) Fund Equity/Net Position (Continued) Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 3 – BUDGETARY INFORMATION The District is required to establish a budgetary system and an approved annual budget. Annual budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end. The District follows these procedures in establishing the budgetary data reflected in the financial statements.

a) Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.

b) A public hearing is conducted to obtain comments. c) Prior to October 1, the budget is legally adopted by the District Board. d) Subject to the terms of the District’s annual appropriations resolutions, all budget changes must be

approved by the District Board. e) The budgets are adopted on a basis consistent with generally accepted accounting principles. f) Unused appropriations for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits The District’s cash balances as shown below were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments The District’s investments were held as follows at September 30, 2019:

Amortized Cost Credit Risk Maturities

First American Government Obligation

Fund - Class Y 64,599$ S&P AAAm

Weighted average

maturity: 24 days

Total Investments 64,599$

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NOTE 4 – DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments. Concentration risk – The District places no limit on the amount the District may invest in any one issuer. Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. The Bond indenture limits the type of investments held using unspent Bond proceeds. Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques. These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:

• Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;

• Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,

• Level 3: Investments whose inputs are unobservable. The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs. Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, some of the District’s investments have been reported at amortized cost above.

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NOTE 5 – CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2019 was as follows:

Additions Disposals

Governmental activities

Capital assets, not being depreciated

Land 348,416$ -$ -$ 348,416$

Total capital assets, not being depreciated 348,416 - - 348,416

Capital assets, being depreciated:

Stormwater facilities 2,116,072 1,484,069 - 3,600,141

Recreational facilities 822,409 - - 822,409

Entrance features 41,764 - - 41,764

Infrastructure - other 219,599 - - 219,599

Buildings 915,905 - - 915,905

Furniture and equipment 26,749 - - 26,749

Total capital assets, being depreciated 4,142,498 1,484,069 - 5,626,567

Less accumulated depreciation for:

Stormwater facilities (538,222) (107,637) (645,859)

Recreational facilities (455,747) (41,120) (496,867)

Entrance features (15,428) (1,392) (16,820)

Infrastructure - other (162,260) (14,640) (176,900)

Buildings (203,025) (18,318) (221,343)

Furniture and equipment (16,309) (5,349) - (21,658)

Total accumulated depreciation (1,390,991) (188,456) - (1,579,447)

Total capital assets, being depreciated, net 2,751,507 1,295,613 - 4,047,120

Governmental activities capital assets, net 3,099,923$ 1,295,613$ -$ 4,395,536$

Beginning

Balance

Ending

Balance

Stormwater improvements totaling $1,484,069 were conveyed to the District in the current fiscal year. Depreciation expense was charged to function/programs as follows:

Maintenance and operations 129,018$

Culture and recreation 59,438

188,456$

NOTE 6 – LONG-TERM LIABILITIES On October 13, 2006, the District issued $8,440,000 of Special Assessment Bonds, Series 2006 due May 1, 2037 with a fixed interest rate of 5.35%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1. Principal on the Bonds is paid serially commencing May 1, 2008 through May 1, 2037.

The Series 2006 Bonds are subject to redemption at the option of the District prior to maturity. The Series 2006 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. During the prior fiscal year, $2,980,000 of bond principal was cancelled by the Bondholder. The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service. The District is in compliance with the requirements of the Bond Indenture at September 30, 2019.

20

NOTE 6 – LONG-TERM LIABILITIES (Continued) Changes in long-term liability activity for the fiscal year ended September 30, 2019 were as follows:

Additions Reductions

Governmental activities

Bonds payable:

Series 2006 595,000$ -$ 55,000$ 540,000$ 20,000$

Total 595,000$ -$ 55,000$ 540,000$ 20,000$

Beginning

Balance

Ending

Balance

Due Within

One Year

At September 30, 2019, the scheduled debt service requirements on the long - term debt were as follows:

Principal Interest Total

2020 20,000$ 28,890$ 48,890$

2021 20,000 27,820 47,820

2022 20,000 26,750 46,750

2023 20,000 25,680 45,680

2024 20,000 24,610 44,610

2025-2029 135,000 104,058 239,058

2030-2034 175,000 63,933 238,933

2035-2037 130,000 14,178 144,178

Total 540,000$ 315,919$ 855,919$

Governmental ActivitiesYear ending,

September 30:

NOTE 7 – LANDOWNER TRANSACTIONS AND CONCENTRATION The Major Landowner owns a significant portion of land within the District; therefore, assessment revenues in the general fund include the assessments levied on those lots owned by them. The District’s activity is dependent upon the continued involvement of Major Landowner, the loss of which could have a material adverse effect on the District’s operations.

NOTE 8 – MANAGEMENT COMPANY The District has contracted with a management company to perform management services, which include financial and accounting services. Certain employees of the management company also serve as officers (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE 9 – RISK MANAGEMENT The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were two settled claim during the past three years totaling approximately $13,200.

21


CITY OF GREEN COVE SPRINGS, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

REVENUES

Assessments 310,510$ 310,945$ 435$

Miscellaneous - 2,790 2,790

Interest - 2,068 2,068

Total revenues 310,510 315,803 5,293

EXPENDITURES

Current:

General government 90,780 84,602 6,178

Maintenance and operations 119,842 86,242 33,600

Culture and recreation 99,888 89,976 9,912

Total expenditures 310,510 260,820 49,690

Excess (deficiency) of revenues

over (under) expenditures -$ 54,983 54,983$

Fund balance - beginning 378,511

Fund balance - ending 433,494$

Original and

Final Budgeted

Amounts

Actual

Amounts

Variance with

Final Budget -

Positive

(Negative)

See notes to required supplementary information

22


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget for the General Fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles). The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2019.


23

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT

OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors Magnolia West Community Development District City of Green Cove Springs, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Magnolia West Community Development District, City of Green Cove Springs, Florida (“District”) as of and for the fiscal year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated March 26, 2020.

Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

24

Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. March 26, 2020


25

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

To the Board of Supervisors Magnolia West Community Development District City of Green Cove Springs, Florida

We have examined Magnolia West Community Development District, City of Green Cove Springs, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2019. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements. In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2019. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Magnolia West Community Development District, City of Green Cove Springs, Florida and is not intended to be and should not be used by anyone other than these specified parties. March 26, 2020


26

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Board of Supervisors Magnolia West Community Development District City of Green Cove Springs, Florida

Report on the Financial Statements We have audited the accompanying basic financial statements of Magnolia West Community Development District ("District") as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated March 26, 2020.

Auditor’s Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.

Other Reporting Requirements We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 26, 2020, should be considered in conjunction with this management letter.

Purpose of this Letter The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General of the state of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

I. Current year findings and recommendations. II. Status of prior year findings and recommendations. III. Compliance with the Provisions of the Auditor General of the State of Florida. Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Magnolia West Community Development District, City of Green Cove Springs, Florida and is not intended to be and should not be used by anyone other than these specified parties. We wish to thank Magnolia West Community Development District, City of Green Cove Springs, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

March 26, 2020

27

REPORT TO MANAGEMENT

I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

1. A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2018.

2. Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2019.

3. Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2019.

4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements.

5. The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

6. We applied financial condition assessment procedures and no deteriorating financial conditions were

noted as of September 30, 2019. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

RESOLUTION 2020-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT REDESIGNATING THE SECRETARY OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Magnolia West Community Development District (the "District") is a local unit of special-purpose government organized and existing in accordance with Chapter 190, Florida Statutes, and situated entirely within Clay County, Florida; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT:

Section 1. Bob Schleifer is appointed Secretary

Section 2. This Resolution and any prior resolutions of the District shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded, and repealed.

Section 3. This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 12th DAY OF MAY, 2020.


CHAIRMAN/VICE CHAIRMAN

ATTEST: ASSISTANT SECRETARY

RESOLUTION 2020-06

A RESOLUTION OF THE BOARD OF SUPERVISORS OF MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT AMENDING RESOLUTION 2011-13 DESIGNATING THE AUTHORIZED SIGNATORIES FOR THE DISTRICT’S OPERATING BANK ACCOUNT(S), AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, Magnolia West Community Development District (“District”) is a local

unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Clay County, Florida; and

WHEREAS, the Board of Supervisors of the District (“Board”) previously adopted

Resolution 2011-13 which designated the authorized signatories for the District’s operating bank account(s); and

WHEREAS, the Board desires to amend Resolution 2011-13 include the Assistant

Treasurer as an authorized signatory for the operating bank account(s). NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT THAT:

Section 1. Resolution 2011-13 is hereby amended to include the Assistant Treasurer as an authorized signatory for the operating bank account(s) of the District.

Section 2. All other provisions of Resolution 2011-13 shall remain unchanged and in full force and effect.

Section 3. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 12th day of May, 2020.

ATTEST: MAGNOLIA WEST COMMUNITY

DEVELOPMENT DISTRICT __________________________ _________________________________ Secretary/Assistant Secretary Chairman/Vice Chairman

STAFF REPORTS

District Counsel

District Engineer

Community Management Energy Relationships

13901 Sutton Park Drive South, Suite 200 Jacksonville, Florida 32224-0119

p 904.739.3655 f 904.730.3413 www.prosserinc.com

May 4, 2020 Susan M. Heafner, Trust Review Analyst U.S. Bank Corporate Trust Services 225 Water Street, Suite 700 Jacksonville, Florida 32202 PROJECT: Magnolia West Community Development District Prosser Project No. 111007.01 SUBJECT: Consulting Engineer’s Report 2020 Dear Ms. Heafner: In accordance with Section 9.21 of the Master Trust Indenture for the Magnolia West Community Development District (“District”), Prosser, Inc., the District Engineer, has reviewed the portion of the Project (as defined in the Indenture) owned by the District, and such portion appears to have been maintained in good repair, working order and condition. The fiscal year 2019/2020 budget along with current reserves are sufficient, in our opinion, to provide for operation and maintenance of the portion of the Project owned by the District. In accordance with Section 9.14 of the Master Trust Indenture, Prosser has reviewed the property schedule stating the current limits of insurance coverage and the policy appears to adequately cover the value of the District owned improvements. Should you have any questions or comments related to the information provided in this report, please do not hesitate to contact our office. Sincerely, PROSSER, INC.

Ryan P. Stilwell., P.E. Principal

Amenity Manager Report

Magnolia West Community Development District Field Report May 2020 First Coast CMS LLC 05/01/2020

May 2020 – Magnolia West Community Development District

2

Swimming Pool

Currently the swimming pool is still under construction and closed. The Activity feature was painted and looks great.

Common Area and Events

Currently, all events have been cancelled until further notice due to social distancing guidelines and facility closure.

Ceiling fans in the amenity room and on the covered pool deck have been replaced.

American Electrical has replaced the timers that operate the lights underneath the covered area, leading to the gym

The bathrooms across from the gym has been retiled.

The door to the women’s restroom (across from the gym) was repaired. It was not closing or locking properly.

We have met with three companies to solicit bids for adding the bathrooms to the current access system. Two companies also provided quotes to upgrade the system.

The playground slide was repaired. Initially it was thought that it needed to be replaced however we were able to reattach the rail

ATS was able to repair the gate to the tennis court. The Request to exit button was not working properly and magnet not holding

Two urinals in the men’s restroom need valves replaced

David Grey Plumbing came out to repair the backflow that provides water to the building

The gutters to the building have been cleaned out the “gutter guard” was installed

Krystal Klean has pressure washed the white vinyl fencing belonging to the District. At this time, we are waiting on the pool work to be completed before the amenity center is pressure washed.

May 2020 – Magnolia West Community Development District

3

American Electrical replaced the pole lights in the parking lot to the upgraded LEDs.

American Electrical installed the missing bollard that was approved at the last CDD meeting. During this replacement, they discovered that the breaker, timer, contactor, and wiring that supplies all other bollards on the front of the building have been damaged by a lightening strike. They have provided a proposal to replace these items and it has been submitted the insurance carrier. Once this is completed, an evaluation will need to be done to determine if any of the Bollards were also damaged by the strike. We currently have a termite inspection scheduled for May 12th.

Landscape Report

.

General Information

Property Name: Magnolia West CDDDate: Thursday, April 30, 2020Next Inspection Date:Client Attendees: Brightview Attendees: Brian Mercer

CUSTOMER FOCUS AREA:Amenities, lakes and focal entrances.

CARRYOVER ITEMS (CheckBox = DONE): None Noted

MAINTENANCE ITEMS:..1) Spring installation of flowers recently installed and colorful...2) Turf color is looking better. There’s minimal broadleaf turf weeds present. Work order will be

submitted for treatment...3) Roses at entrance beds are looking healthy and colorful...4) Entrance plant beds are looking good with minimal bed weeds present...5) Emergency exits being consistently maintained...6) Playground being maintained but crew needs to line trim around black fence. Crew will complete

this today...7) Tennis court podocarpus hedge looking healthy and consistently trimmed...8) Clubhouse shrubs looking well groomed and beds free of weeds...9) Clubhouse shrubs are well groomed and beds are free of weeds.10) Heavy leaf litter around clubhouse and playground. Crew will begin working these beds for leaf

removal.11) Pond banks being maintained consistently though they missed half of the pond on Bonnie Lakes

Drive. I reviewed this with the crew onsite and area will be cut today.

RECOMMENDATIONS FOR PROPERTY ENHANCEMENTS:..1) Proposal recently submitted to have all of the trees trimmed off of the building at the clubhouse.

These trees were planted extremely close to the building and should be done at least twice a year.

NOTES TO OWNER/CLIENT:

BrightView.comConfidential...Page 1 of 5

Quality Site Assessment

Maintenance Items Maintenance Items Spring installation of flowers recently installed and colorful. Turf color is looking better. There’s minimal broadleaf turf weeds

present. Work order will be submitted for treatment.

[ 1 / 11 ] [ 2 / 11 ]

Maintenance Items Maintenance Items Roses at entrance beds are looking healthy and colorful. Entrance plant beds are looking good with minimal bed weeds present.

[ 3 / 11 ] [ 4 / 11 ]



Maintenance Items Maintenance Items Emergency exits being consistently maintained. Playground being maintained but crew needs to line trim around black

fence. Crew will complete this today.

[ 5 / 11 ] [ 6 / 11 ]

Maintenance Items Maintenance Items Tennis court podocarpus hedge looking healthy and consistently

trimmed. Clubhouse shrubs looking well groomed and beds free of weeds.

[ 7 / 11 ] [ 8 / 11 ]



Maintenance Items Maintenance Items Clubhouse shrubs are well groomed and beds are free of weeds. Heavy leaf litter around clubhouse and playground. Crew will begin

working these beds for leaf removal.

[ 9 / 11 ] [ 10 / 11 ]

Maintenance Items Pond banks being maintained consistently though they missed half of

the pond on Bonnie Lakes Drive. I reviewed this with the crew onsiteand area will be cut today.

[ 11 / 11 ]



Recommendations for Property Enhancements Proposal recently submitted to have all of the trees trimmed off of the

building at the clubhouse. These trees were planted extremely close tothe building and should be done at least twice a year.

[ 1 / 1 ]



District Manager

BUSINESS ITEMS

RESOLUTION 2020-07

A RESOLUTION BY THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT ADOPTING AN INTERNAL CONTROLS POLICY CONSISTENT WITH SECTION 218.33, FLORIDA STATUTES; PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Magnolia West Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within City of Green Cove Springs, Florida; and WHEREAS, consistent with Section 218.33, Florida Statutes, the District is statutorily required to establish and maintain internal controls designed to prevent and detect fraud, waste, and abuse as defined in Section 11.45(1), Florida Statutes; promote and encourage compliance with applicable laws, rules, contracts, grant agreements, and best practices; support economical and efficient operations; ensure reliability of financial records and reports; and safeguard assets; and WHEREAS, to demonstrate compliance with Section 218.33, Florida Statutes, the District desires to adopt by resolution the Internal Controls Policy attached hereto as Exhibit A.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. The attached Internal Controls Policy attached hereto as Exhibit A is hereby adopted pursuant to this Resolution. SECTION 2. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect. SECTION 3. This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed. PASSED AND ADOPTED THIS 12th DAY OF MAY, 2020. ATTEST: MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT ______________________________ ____________________________________ Secretary/Assistant Secretary Chairman, Board of Supervisors

EXHIBIT “A”

MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT INTERNAL CONTROLS POLICY

1. Purpose.

1.1. The purpose of this internal controls policy is to establish and maintain internal controls

for the Magnolia West Community Development District. 1.2. Consistent with Section 218.33(3), Florida Statutes, the internal controls adopted herein

are designed to:

1.2.1. Prevent and detect Fraud, Waste, and Abuse (as hereinafter defined). 1.2.2. Promote and encourage compliance with applicable laws, rules, contracts, grant

agreements, and best practices. 1.2.3. Support economical and efficient operations. 1.2.4. Ensure reliability of financial records and reports. 1.2.5. Safeguard Assets (as hereinafter defined).

2. Definitions.

2.1. “Abuse” means behavior that is deficient or improper when compared with behavior that a prudent person would consider a reasonable and necessary operational practice given the facts and circumstances. The term includes the misuse of authority or position for personal gain.

2.2. “Assets” means District assets such as cash or other financial resources, supplies, inventories, equipment and other fixed assets, real property, intellectual property, or data.

2.3. “Auditor” means the independent auditor (and its employees) retained by the District to

perform the annual audit required by state law. 2.4. “Board” means the Board of Supervisors for the District. 2.5. “District Management” means (i) the independent contractor (and its employees)

retained by the District to provide professional district management services to the District and (ii) any other independent contractor (and its employees) separately retained by the District to provide amenity management services, provided said services include a responsibility to safeguard and protect Assets.

2.6. “Fraud” means obtaining something of value through willful misrepresentation, including, but not limited to, intentional misstatements or intentional omissions of amounts or disclosures in financial statements to deceive users of financial statements, theft of an entity’s assets, bribery, or the use of one’s position for personal enrichment through the deliberate misuse or misapplication of an organization’s resources.

2.7. “Internal Controls” means systems and procedures designed to prevent and detect fraud,

waste, and abuse; promote and encourage compliance with applicable laws, rules, contracts, grant agreements, and best practices; support economical and efficient operations; ensure reliability of financial records and reports; and safeguard assets.

2.8. “Risk” means anything that could negatively impact the District’s ability to meet its

goals and objectives. The term includes strategic, financial, regulatory, reputational, and operational risks.

2.9. “Waste” means the act of using or expending resources unreasonably, carelessly,

extravagantly, or for no useful purpose.

3. Control Environment. 3.1. Ethical and Honest Behavior.

3.1.1. District Management is responsible for maintaining a work environment that

promotes ethical and honest behavior on the part of all employees, contractors, vendors and others.

3.1.2. Managers at all levels must behave ethically and communicate to employees and others that they are expected to behave ethically.

3.1.3. Managers must demonstrate through words and actions that unethical

behavior will not be tolerated.

4. Risk Assessment. 4.1. Risk Assessment. District Management is responsible for assessing Risk to the District.

District Management’s Risk assessments shall include, but not be limited to: 4.1.1. Identifying potential hazards.

4.1.2. Evaluating the likelihood and extent of harm.

4.1.3. Identifying cost-justified precautions and implementing those precautions.

5. Control Activities.

5.1. Minimum Internal Controls. The District hereby establishes the following minimum Internal Controls to prevent and detect Fraud, Waste, and Abuse:

5.1.1. Preventive controls designed to forestall errors or irregularities and thereby avoid the

cost of corrections. Preventive control activities shall include, but not be limited to, the following:

5.1.1.1. Identifying and segregating incompatible duties and/or implementing

mitigating controls.

5.1.1.2. Performing accounting functions in accordance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) standards.

5.1.1.3. Requiring proper authorizations to access and/or modify accounting software.

5.1.1.4. Implementing computerized accounting techniques (e.g. to help identify coding errors, avoid duplicate invoices, etc.).

5.1.1.5. Maintaining a schedule of the District’s material fixed Assets.

5.1.1.6. Maintaining physical control over the District’s material and vulnerable

Assets (e.g. lock and key, computer passwords, network firewalls, etc.).

5.1.1.7. Retaining and restricting access to sensitive documents.

5.1.1.8. Performing regular electronic data backups.

5.1.2. Detective controls designed to measure the effectiveness of preventive controls and to detect errors or irregularities when they occur. Detective control activities shall include, but not be limited to, the following:

5.1.2.1. Preparing financial reports in accordance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) standards.

5.1.2.2. Reviewing financial statements and investigating any material variances between budgeted expenses and actual expenses.

5.1.2.3. Establishing and implementing periodic reconciliations of bank, trust, and petty cash accounts.

5.1.2.4. Establishing an internal protocol for reporting and investigating known or suspected acts of Fraud, Waste, or Abuse.

5.1.2.5. Engaging in periodic physical inventory counts and comparisons with

inventory records.

5.1.2.6. Monitoring all ACH (electronic) transactions and the sequencing of checks.

5.2. Implementation. District Management shall implement the minimum Internal Controls described herein. District Management may also implement additional Internal Controls that it deems advisable or appropriate for the District. The specific ways District Management implements these minimum Internal Controls shall be consistent with Generally Accepted Accounting Principles (GAAP) and otherwise conform to Governmental Accounting Standards Board (GASB) and American Institute of Certified Public Accountants (AICPA) standards and norms.

6. Information and Communication.

6.1. Information and Communication. District Management shall communicate to its employees (needing to know) information relevant to the Internal Controls, including but not limited to any changes to the Internal Controls and/or changes to laws, rules, contracts, grant agreements, and best practices.

6.2. Training. District Management shall regularly train its employees (needing the training) in connection with the Internal Controls described herein and promote and encourage compliance with applicable laws, rules, contracts, grant agreements, and best practices.

7. Monitoring Activities.

7.1. Internal Reviews. District Management shall internally review the District’s Internal Controls at least once per year. In connection with this internal review, District Management shall:

7.1.1.1. Review its operational processes.

7.1.1.2. Consider the potential risk of Fraud, Waste, or Abuse inherent in each

process.

7.1.1.3. Identify the controls included in the process, or controls that could be included, that would result in a reduction in the inherent risk.

7.1.1.4. Assess whether there are Internal Controls that need to be improved or added to the process under consideration.

7.1.1.5. Implement new controls or improve existing controls that are determined to be the most efficient and effective for decreasing the risk of Fraud, Waste or Abuse.

7.1.1.6. Train its employees on implemented new controls or improvements to

existing controls.

7.2. External Audits and Other Reviews. Audits and other reviews may be performed on various components of the District’s Internal Controls by the Auditor consistent with Government Auditing Standards (GAS). Audits may identify material deficiencies in the Internal Controls and make recommendations to improve them. District Management shall communicate and cooperate with the Board and the Auditor regarding the potential implementation of Auditor recommendations.

Specific Authority: §§ 190.011(5), 218.33(3), Florida Statutes Effective date: May 12, 2020

Tab 10

Chris H. Chambless

Supervisor of Elections Clay County, Florida

P.O. Box 337 500 N. Orange Ave. Green Cove Springs, FL 32043 (904) 269-6350 Fax (904) 284-0935

April 15, 2020 Magnolia West Community Development District Attention: William J. Rizzetta 2806 N. Fifth Street Unit 403 St. Augustine, FL 30284 Dear Mr. Rizzetta: I have queried the number of eligible voters residing within the Magnolia West Community Development District as of April 15, 2020. At this time, there are 761 registered voters residing within the district. Please provide the contact information and term expiration dates for the current CDD Board Members. I can be reached via the contact information at the bottom of this page or via email at [email protected]. Thank you, Lynn Gaver, MFCEP Clay County Supervisor of Elections Office P.O. Box 337 | 500 North Orange Ave. Green Cove Springs, FL 32043 (904) 269-6350 Fax (904) 284-0935

mailto:[email protected]

Tab 11

Consideration of Proposals for Access Control at Amenity

Restrooms

Presented By: Brian JonesAlpha Dog Audio Video Security, LLC

120 Cumberland Park DrSuite 406

SAINT AUGUSTINE , FL 32095Main: 904-257-4295

www.Alphadogavs.com

Proposal: Cloud Managed Access Control - Rev# 0 Prepared On: 4/9/2020

For: Tony Shriver

Page: 1 of 5

Table Of ContentsCover PageTOCScope of WorkLocations

123

4

Page: 2 of 5

Scope of Work

Building Access Card System

Upgrade existing building access control system to Alarm.comcloud managed. Add an additional four controllable doors. Onehour of training of System.Monthly cloud management service would be $90 per month.

Page: 3 of 5

Initials:_________

ALARM.COM ADC-ACC2-34-PSEThe ADC-ACC2-34-PSE Door Controller & Power Kit comes with a Two DoorController pre-wired to a 12/24V DC dual-voltage power supply via a distributionmodule. Designed for ease of installation, this self-contained kit can provide powerfor a complete 2-4 door access control system. The kit is prewired for an ADC-ACX2Two Reader Expansion module to add additional readers, relay outputs, and I/Oinputs to the system.

1 Each

ALARM.COM ADC-ACX2The Two Reader Expansion Module is designed to add two extra readers to anAlarm.com door controller. Each ADC-ACX2 adds two reader ports, six relayoutputs, and eight programmable inputs to the system. Connect the expansionmodule to the controller using a shielded, RS-485 twisted pair. For larger commercialinstallations, Single and Two Reader Expansion Modules can be daisy-chainedtogether.

3 Each

ALARM.COM 20" x 16" Enclosure20" x 16" Enclosure with Mercury Backplate20" x 16" Enclosure with Mercury Backplate, fits up to 4 ADC-ACX2 expansionmodules

1 Each

Altronix AL400ULACM12/24 DC UL PS W/ACM8

1 Each

Rosslare Security K12CHID Card Access Reader

4 Each

Bosch DS150IREQUEST TO EXIT PIR - GREY

4 Each

ZKAccess PTE11-Gang OD RTE Pushbutton w/o Timer

4

Alarm Controls 600S600LB MAGLOCK

4

Alarm Controls AM-33001/2" MT PLT F/600 SER MAG LOCK

2 Each

Green Power Batteries GP1270 GREEN POWER7Ah 12V Sealed Lead Acid Battery F1 Terminals

4 Each

Alpha Misc Access BNDL JKT

1

Misc Cables and Parts1

Total:–––––––––––––––––––––––––––––––––––––––––––––

$9,529.56

Page: 4 of 5

Initials:_________

Brian JonesTony ShriverDate:Date:

Page: 5 of 5

Initials:_________

ESTIMATEDate

4/30/2020

Estimate #

13759

magnolia west

Phone #

9045273546

E-mail Web Site

www.atservicesjax.comTotal

Subtotal

Sales Tax (7.0%)

[email protected]

AT Services of North Florida14286 Beach Blvd Suite 10

Jacksonville, FL 32250

Customer

Description Qty Rate Total

Large tracker enclosure 1.00 562.50 562.50TTracker Expansion Board 4.00 369.00 1,476.00TPower supply for all devices 1.00 307.50 307.50TAccess control wire Fusion pulled to each location 4.00 232.00 928.00TAWID card reader 4.00 133.50 534.00TPush To Exit button 4.00 136.50 546.00TRequest to exit motion 4.00 100.155 400.62TStandard 600lb. maglock 4.00 128.985 515.94TMisc. materials needed for installation. (conduit, flex,connectors, boxes, wire, etc.)

1.00 100.00 100.00T

Labor for installation, setup and testing 20.00 120.00 2,400.00T

$8,314.50

$7,770.56

$543.94

ACCESS CONTROL SYSTEM ACCESS CONTROL CATEGORY

MAGNOLIA WEST CDD 3490 CANYON FALLS DR GREEN COVE SPRINGS, FL 32043 5.4.20

* MAIN ACCESS CONTROL PANEL MODEL DK 1835 4 EXPANSION ACCESS CONTROL PANEL MODEL 2358-010 4 DOOR STRIKE MODEL HES-500030403 4 PROXIMITY READER MODEL AWID TBD CARDS REQUIRED CARD TYPE TBD * DENOTES EXISTING EQUIPMENT ** NFPA72 REQUIRES FIRE ALARM INSTALLATION COMPANY TO PROVIDE A DOOR RELEASE RELAY WITHIN 3’ OF ATLANTIC SECURITY’S ACCESS CONTROL POWER SUPPLY.

SUB-TOTAL ACCESS CONTROL INSTALLATION $ 4,655.00 TAX $ 325.85 TOTAL ACCESS CONTROL INSTALLATION $ 4,980.85 FL 904-743-8444 ATLANTIC COMPANIES KORY C GARTLEY GA 912-264-8679 ___________________________________________________________________ ____________ PURCHASER PRINT NAME DATE LIC. EF0001226 LIC. LU405163 LIC. EF20000570

Tab 12

1

RESOLUTION 2020-08

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2020/2021 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the Magnolia West Community Development District (“District”) prior to June 15, 2020, a proposed budgets (“Proposed Budget”) for the fiscal year beginning October 1, 2020 and ending September 30, 2021 (“Fiscal Year 2020/2021”); and WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT:

1. PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the

District Manager for Fiscal Year 2020/2021 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

2. SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for ________________, 2020 at _____ _.m. The hearing may be conducted remotely, pursuant to ___________ communications media technology and/or by telephone pursuant to Executive Orders 20-52, 20-69 and 20-112 issued by Governor DeSantis on March 9, 2020, March 20, 2020 and April 29, 2020, as such orders may be extended or supplemented, respectively, and pursuant to Section 120.54(5)(b)2., Florida Statutes. In the event that Executive Orders are not extended and the Board is required to meet in person for quorum requirements, and/or if conditions allow the meeting to be held in person, it will be held at the following location: LOCATION: ___________________ ___________________ ___________________

3. TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE GOVERNMENTS. The District Manager is hereby directed to submit a copy of the Proposed Budget to the City of Green Cove Springs and Clay County at least 60 days prior to the hearing set above.

4. POSTING OF PROPOSED BUDGET. In accordance with Section 189.016,

Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget

2

on the District’s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

5. PUBLICATION OF NOTICE. Notice of this public hearing shall be published

in the manner prescribed in Florida law. 6. SEVERABILITY. The invalidity or unenforceability of any one or more

provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

7. EFFECTIVE DATE. This Resolution shall take effect immediately upon

adoption.

PASSED AND ADOPTED this 12th day of May, 2020.

ATTEST: MAGNOLIA WEST COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant-Secretary Chairperson, Board of Supervisors Exhibit A: Fiscal Year 2020/2021 Proposed Budget

Exhibit A

Magnolia West Community Development District

magnoliawestcdd.org

Proposed Budget for Fiscal Year 2020-2021

Presented by: Rizzetta & Company, Inc.

2806 N. Fifth Street Suite 403

St. Augustine, Florida 32084 Phone: 904-436-6270

rizzetta.com

TABLE OF CONTENTS

Page

General Fund Budget Account Category Descriptions 1

Reserve Fund Budget Account Category Descriptions 8

Debt Service Fund Budget Account Category Descriptions 9

General Fund Budget for Fiscal Year 2020-2021 10

Reserve Fund Budget for Fiscal Year 2020-2021 13

Debt Service Fund Budget for Fiscal Year 2020-2021 14

Assessments Charts for Fiscal Year 2020-2021 15

GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION

The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Interest Earnings: The District may earn interest on its monies in the various operating accounts. Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District. Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc. Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. Facilities Rentals: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc.

EXPENDITURES – ADMINISTRATIVE:

Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of $200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor.

1

Administrative Services: The District will incur expenditures for the day to today operation of District matters. These services include support for the District Management function, recording and preparation of meeting minutes, records retention and maintenance in accordance with Chapter 119, Florida Statutes, and the District’s adopted Rules of Procedure, preparation and delivery of agenda, overnight deliveries, facsimiles and phone calls. District Management: The District as required by statute, will contract with a firm to provide for management and administration of the District’s day to day needs. These services include the conducting of board meetings, workshops, overall administration of District functions, all required state and local filings, preparation of annual budget, purchasing, risk management, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount. District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year. Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture. Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues. Assessment Roll: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses. Financial & Revenue Collections: Services include all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the District’s debt service and operations and maintenance obligations. These services include, but are not limited to, assessment roll preparation and certification, direct billings and funding request processing as well as responding to property owner questions regarding District assessments. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its short-term bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties. Accounting Services: Services include the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.

2

Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt. Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds. Travel: Each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes 190.006(8). Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff. Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines Bank Fees: The District will incur bank service charges during the year. Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc. Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories. Website Hosting, Maintenance and Email: The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible email services if requested. District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year.

EXPENDITURES - FIELD OPERATIONS:

Deputy Services: The District may wish to contract with the local police agency to provide security for the District.

3

Security Services and Patrols: The District may wish to contract with a private company to provide security for the District. Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc. Streetlights: The District may have expenditures relating to streetlights throughout the community. These may be restricted to main arterial roads or in some cases to all streetlights within the District’s boundaries. Utility - Recreation Facility: The District may budget separately for its recreation and or amenity electric separately. Gas Utility Services: The District may incur gas utility expenditures related to district operations at its facilities such as pool heat etc. Garbage - Recreation Facility: The District will incur expenditures related to the removal of garbage and solid waste. Solid Waste Assessment Fee: The District may have an assessment levied by another local government for solid waste, etc. Water-Sewer Utility Services: The District will incur water/sewer utility expenditures related to district operations. Utility - Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation. Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species. Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District’s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary. Wetland Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various wetlands and waterways by other governmental entities. Mitigation Area Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various mitigation areas by other governmental entities.

4

Aquatic Plant Replacement: The expenses related to replacing beneficial aquatic plants, which may or may not have been required by other governmental entities. General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs Property Insurance: The District will incur fees to insure items owned by the District for its property needs Entry and Walls Maintenance: The District will incur expenditures to maintain the entry monuments and the fencing. Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs. Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems. Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems. Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc. Field Services: The District may contract for field management services to provide landscape maintenance oversight. Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations. Gate Phone: The District will incur telephone expenses if the District has gates that are to be opened and closed. Street/Parking Lot Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain. Gate Facility Maintenance: Expenses related to the ongoing repairs and maintenance of gates owned by the District if any. Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any. Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any.

5

Employees - Salaries: The District may incur expenses for employees/staff members needed for the recreational facilities such as Clubhouse Staff. Employees - P/R Taxes: This is the employer’s portion of employment taxes such as FICA etc. Employee - Workers’ Comp: Fees related to obtaining workers compensation insurance. Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities. Maintenance & Repair: The District may incur expenses to maintain its recreation facilities. Facility Supplies: The District may have facilities that required various supplies to operate. Gate Maintenance & Repairs: Any ongoing gate repairs and maintenance would be included in this line item. Telephone, Fax, Internet: The District may incur telephone, fax and internet expenses related to the recreational facilities. Office Supplies: The District may have an office in its facilities which require various office related supplies. Clubhouse - Facility Janitorial Service: Expenses related to the cleaning of the facility and related supplies. Pool Service Contract: Expenses related to the maintenance of swimming pools and other water features. Pool Repairs: Expenses related to the repair of swimming pools and other water features. Security System Monitoring & Maintenance: The District may wish to install a security system for the clubhouse Clubhouse Miscellaneous Expense: Expenses which may not fit into a defined category in this section of the budget Athletic/Park Court/Field Repairs: Expense related to any facilities such as tennis, basketball etc. Trail/Bike Path Maintenance: Expenses related to various types of trail or pathway systems the District may own, from hard surface to natural surfaces.

6

Special Events: Expenses related to functions such as holiday events for the public enjoyment Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories. Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories. Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

7

RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION

The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District. Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

EXPENDITURES:

Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc. Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

8

DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION

The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments.

EXPENDITURES – ADMINISTRATIVE:

Bank Fees: The District may incur bank service charges during the year. Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt.

9

Chart of Accounts ClassificationActual YTD

through 03/31/20

Projected Annual Totals

2019/2020

Annual Budget for 2019/2020

Projected Budget

variance for 2019/2020

Budget for 2020/2021

Budget Increase

(Decrease) vs 2019/2020

Comments

1

2 REVENUES3

4 Special Assessments

5 Tax Roll* 405,303$ 413,525$ 408,752$ 4,773$ 366,798$ (41,954)$

6 TOTAL REVENUES 405,303$ 413,525$ 408,752$ 4,773$ 366,798$ (41,954)$ 8

9 Balance Forward from Prior Year -$ -$ -$ -$ -$ -$

10

11 TOTAL REVENUES AND BALANCE FORWARD

405,303$ 413,525$ 408,752$ 4,773$ 366,798$ (41,954)$ 12

13

14

15 EXPENDITURES - ADMINISTRATIVE16

17 Legislative

18 Supervisor Fees 800$ 2,400$ 4,000$ 1,600$ 4,000$ -$ Based on Quarterly Meetings

19 Financial & Administrative

20 Administrative Services 2,060$ 4,120$ 4,120$ -$ 4,244$ 124$

*Reflects a Proposed 3%

Increase

21 District Management 8,400$ 16,800$ 16,800$ -$ 17,304$ 504$ *

22 District Engineer 2,368$ 4,736$ 5,000$ 264$ 5,000$ -$

23 Disclosure Report 5,000$ 5,000$ 5,000$ -$ 5,000$ -$

24 Trustees Fees 3,771$ 3,771$ 3,500$ (271)$ 3,800$ 300$

25 Assessment Roll 5,250$ 5,250$ 5,250$ -$ 5,408$ 158$ *

26 Financial & Revenue Collections 2,500$ 5,000$ 5,000$ -$ 5,150$ 150$ *

27 Accounting Services 9,000$ 18,000$ 18,000$ -$ 18,540$ 540$ *

28 Auditing Services 3,023$ 3,900$ 3,900$ -$ 4,000$ 100$

Based on Current

Engagement

29 Arbitrage Rebate Calculation -$ 600$ 600$ -$ 600$ -$

30 Public Officials Liability Insurance 2,306$ 2,306$ 2,363$ 57$ 2,537$ 174$

31 Legal Advertising 424$ 1,250$ 1,250$ -$ 1,250$ -$

32 Dues, Licenses & Fees 175$ 175$ 175$ -$ 175$ -$

33 Miscellaneous Fees 142$ 284$ 250$ (34)$ 250$ -$

34 Website Hosting, Maintenance, Backup 3,694$ 5,063$ 4,000$ (1,063)$ 3,500$ (500)$

FY 19/20 Included ADA

Website Migration

35 Legal Counsel

36 District Counsel 4,160$ 12,320$ 15,000$ 2,680$ 15,000$ -$ 4% Annual Hourly Increase

37

38 Administrative Subtotal 53,073$ 90,975$ 94,208$ 3,233$ 95,757$ 1,549$ 39

40 EXPENDITURES - FIELD OPERATIONS81 Security Operations

82 Seasonal Security Services -$ -$ -$ -$ 15,000$ 15,000$ New Line FY 2020/21

43 Utility Services 7,320$ 19,752$ 22,000$ 2,248$ 22,000$ -$

44 Garbage/Solid Waste Control Services

45 Garbage - Recreation Facility 1,302$ 2,604$ 2,300$ (304)$ 3,000$ 700$

46 Water-Sewer Combination Services

47 Utility Services 2,449$ 8,407$ 6,500$ (1,907)$ 8,500$ 2,000$

48 Stormwater Control

49 Lake/Pond Bank Maintenance 3,582$ 7,164$ 7,164$ -$ 7,164$ -$

50 Other Physical Environment

*Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to

Proposed BudgetMagnolia West Community Development District

General FundFiscal Year 2020/2021

10


through 03/31/20


2019/2020


Projected Budget



Budget Increase


Comments

51 General Liability/ Property Insurance $ 9,375 $ 9,375 $ 9,106 $ (269) $ 10,348 $ 1,242 Based on Estimate Provided

Fountains & Pressure

52 Entry Monument & Fence Maintenance $ 3,275 $ 6,550 $ 7,500 $ 950 $ 7,500 $ - Washing

53 Landscape & Irrigation Maintenance $ 18,821 $ 44,388 $ 47,446 $ 3,058 $ 47,446 $ -

54 Irrigation Repairs $ 40 $ 4,200 $ 3,000 $ (1,200) $ 3,000 $ -

55 Landscape Replacement Plants, Shrubs, $ - $ 2,500 $ 3,000 $ 500 $ 10,000 $ 7,000 Amenity Areas?

56 Miscellaneous Expense $ 239 $ 478 $ 2,000 $ 1,522 $ 2,000 $ -

57 Road & Street Facilities

58 Amenity Sidewalk Repair & Maintenance $ - $ 1,000 $ 1,000 $ - $ 1,000 $ -

59

Amenity Parking Lot Repair &

Maintenance $ - $ 4,800 $ 1,000 $ (3,800) $ 1,000 $ -

LED Parking Lot Light

Conversion FY 19/20

Insurance Deductible for

60 Miscellaneous Expense $ - $ 2,500 $ 1,000 $ (1,500) $ 1,000 $ - Bollard Light Damage

61 Parks & Recreation

62 Amenity Management Staffing Contract $ 9,979 $ 29,383 $ 29,328 $ (55) $ 29,383 $ 55

63 Cable Phone and Internet $ 1,598 $ 3,196 $ 3,000 $ (196) $ 3,200 $ 200

64

Amenity Janitorial Service Contract &

Supplies $ 2,213 $ 6,066 $ 6,000 $ (66) $ 6,500 $ 500

Includes Approximately

$2400 in Janitorial Supplies

65

Pool Service Contract - Maintenance &

Chemicals $ 7,113 $ 18,500 $ 18,500 $ - $ 18,500 $ -

Includes Approximately

$11,000 in Pool Chemicals

FY 19/20 Included Leak

Finders, Restroom Shower

66 Amenity Maintenance Contract & Repair $ 9,624 $ 16,000 $ 16,000 $ - $ 16,000 $ -

Tile Repairs, Ceiling Fan

Replacements

67 Access Control Maintenance & Repair $ 250 $ 500 $ 2,000 $ 1,500 $ 2,000 $ -

68 Pest Control & Termite Bond $ 420 $ 1,500 $ 1,200 $ (300) $ 1,500 $ 300

69

Athletic Court/Playground Maintenance &

Repairs $ 242 $ 3,000 $ 3,000 $ - $ 8,000 $ 5,000 Additional Playground Mulch

70 Miscellaneous Expense $ 801 $ 1,602 $ 3,000 $ 1,398 $ 3,000 $ -

71 Special Events

72 Special Events $ 1,612 $ 2,500 $ 2,500 $ - $ 4,000 $ 1,500

73 Contingency

FY 2019/20 Included

Reserve Study, Leaf

Guards/Gutter, Pool Activity

Feature Painting and

Possible Access Card

Readers to Restrooms FY

74 Miscellaneous Contingency $ 7,338 $ 17,646 $ 7,000 $ (10,646) $ 25,000 $ 18,000

20/21 To Possibly Include

Pool Furniture Replacement,

Interior Painting

Included Pool Refurbishment

75 Capital Outlay $ 61,250 $ 122,500 $ 110,000 $ (12,500) $ 15,000 $ (95,000)

FY 2019/20. Proposed to

Possibly Include Pool

Chemical Equipment or

Amenity Room Flooring FY

2020/21



Contract

Trees

11

EXPENDITURES


through 03/31/20


2019/2020


Projected Budget



Budget Increase


Comments

76

77 Field Operations Subtotal $ 148,843 $ 336,111 $ 314,544 $ (21,567) $ 271,041 $ (43,503)78

79

80 TOTAL EXPENDITURES $ 201,916 $ 427,086 $ 408,752 $ (18,334) $ 366,798 $ (41,954)81

82 EXCESS OF REVENUES OVER $ 203,387 $ (13,561) $ - $ (13,561) $ (0) $ (0)83



12

FORWARD

E

Chart of Accounts Classification

P

Actual YTD

through 03/31/20


2019/2020


Projected Budget

variance for

2019/2020


Budget Increase (Decrease) vs 2019/2020 Comments

1

X NDITURES

2

E

REVENUES3

4 Special Assessments

5 Tax Roll* $ 25,000 $ 25,000 $ 25,000 $ - $ 43,564 $ 18,564 Based on Reserve Study

6

7 TOTAL REVENUES $ 25,000 $ 25,000 $ 25,000 $ - $ 43,564 $ 18,5648

9 Balance Forward from Prior Year $ - $ - $ - $ - $ - $ -

10

11 TOTAL REVENUES AND BALANCE $ 25,000 $ 25,000 $ 25,000 $ - $ 43,564 $ 18,56412

13 *Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to 14

15 EXPENDITURES 16

17 Contingency

18 Capital Reserves $ - $ - $ 25,000 $ 25,000 $ 43,564 $ 18,564

19

20 TOTAL EXPENDITURES $ - $ - $ 25,000 $ 25,000 $ 43,564 $ 18,56421

22 EXCESS OF REVENUES OVER $ 25,000 $ 25,000 $ - $ 25,000 $ - $ - 23


Reserve FundFiscal Year 2020-2021

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Budget TemplateMagnolia West Community Development District

Debt ServiceFiscal Year 2020/2021

Chart of Accounts Classification Series 2006 Budget for 2020/2021

REVENUES Special Assessments

Net Special Assessments (1)

$49,683.62 $49,683.62

TOTAL REVENUES $49,683.62 $49,683.62

EXPENDITURES AdministrativeFinancial & Administrative

Debt Service Obligation $49,683.62 $49,683.62

Administrative Subtotal $49,683.62 $49,683.62

TOTAL EXPENDITURES $49,683.62 $49,683.62

EXCESS OF REVENUES OVER EXPENDITURES $0.00 $0.00

Clay County Collection Costs (2%) and Early Payment Discounts (4%): 6.00%

Gross assessments $52,854.92

Notes:Tax Roll Collection Costs and Early Payment Discounts are 6.0% of Tax Roll. Budgeted net of tax roll assessments.

See Assessment Table.

(1) Maximum Annual Debt Service less Prepaid Assessments received

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2020/2021 O&M Budget $410,362.00

Pasco County 2% Collection Cost: 2% $8,731.11

4% Early Payment Discounts: 4% $17,462.21

2020/2021 Total: 6% $436,555.32

2019/2020 O&M Budget $433,752.00

2020/2021 O&M Budget $410,362.00

Total Difference: ($23,390.00)

2019/2020 2020/2021 $ %

Debt Service - Single Family (Platted) $1,149.02 $1,149.02 $0.00 0.00%

Operations/Maintenance - Single Family (Platted) $878.93 $831.53 -$47.40 -5.39%

Total $2,027.95 $1,980.55 -$47.40 -2.34%


FISCAL YEAR 2020/2021 O&M AND DEBT SERVICE ASSESSMENT SCHEDULE

PER UNIT ANNUAL ASSESSMENT Proposed Increase / Decrease

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TOTAL O&M BUDGET $410,362.00COLLECTION COSTS 2.0% $8,731.11EARLY PAYMENT DISCOUNT 4.0% $17,462.21TOTAL O&M ASSESSMENT 6% $436,555.32

SERIES 2006DEBT TOTAL % TOTAL TOTAL TOTAL SERIES 2006

LU LOT SIZE O&M SERVICE (1) EAU FACTOR EAU's EAU's O&M BUDGET PER LOT O&M DEBT SERVICE (2) TOTAL (3)

Platted Parcels 0 0SF SINGLE FAMILY 525 46 1.00 525.00 100.00% $436,555.32 $831.53 $831.53 $1,149.02 $1,980.55

Total Platted 525 46

Total Community 525 46 525.00 100.00% $436,555.32

LESS: Clay County Collection Costs (2%) and Early Payment Discounts (4%): ($26,193.32)

Net Revenue to be Collected $410,362.00

(1) Reflects the number of total lots with Series 2006 debt outstanding.

(2)

(3) Annual assessment that will appear on November 2020 Clay County property tax bill. Amount shown includes all applicable collection costs and early payment discounts (up to 4% if paid early).


FISCAL YEAR 2020/2021 O&M and DEBT SERVICE ASSESSMENT SCHEDULE

UNITS ASSESSEDPER LOT ANNUAL ASSESSMENT

Annual debt service assessment per lot adopted in connection with the Series 2006 bond issue. Annual assessment includes principal, interest, Clay County Collection Costs and Early Payment Discounts.

ALLOCATION OF O&M ASSESSMENT

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Discussion Regarding Re-opening of Amenities Due

to COVID-19

SUPERVISOR REQUESTS

ADJOURNMENT

magnolia west community development district...2020/05/12 · the regular meeting of the board of...

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